Arthur Hayes' family office, Maelstrom, has criticized Pantera Capital's early-stage token fund after reporting a 44% loss on a $100,000 investment over four years. During this period, Bitcoin's value tripled, and some seed-stage crypto projects saw returns of 20–75 times. Akshat Vaidya, Maelstrom's investment director, highlighted the fund's 3/30 fee structure as a point of contention, sparking a debate on the efficacy and scalability of large crypto funds. Critics argue that such funds struggle with capital overextension, while supporters emphasize their role in industry development. Vaidya suggested that holding Bitcoin might outperform many crypto funds, particularly in bear markets.